Mumbai / New Delhi, Oct 9 (UNI) Country's leading business conglomerate Tata Group Chairman emeritus, Ratan Naval Tata, whose stature was that of a banyon tree in India's corporate circle, died in a hospital here on Wednesday night, the group announced.
Tata, a bachelor, was 86.
"It is with a profound sense of loss that we bid farewell to Mr. Ratan Naval Tata -- a truly uncommon leader whose immeasurable contributions have shaped not only the Tata Group but also the very fabric of our nation," Tata Sons chairman N Chandrasekaran said in a media statement.
He described Tata as his "friend, mentor and guide".
Tata was admitted to a hospital a few days back and later transferred to its Intensive Care Unit as his condition deteriorated.
Prime Minister Narendra Modi led the nation in condoling the death of Rata Tata. He described him as a "visionary business leader, a compassionate soul and an extraordinary human being".
"He provided stable leadership to one of India’s oldest and most prestigious business houses. At the same time, his contribution went far beyond the boardroom. He endeared himself to several people thanks to his humility, kindness and an unwavering commitment to making our society better," the PM wrote on his X handle.
Union Home Minister Amit Shah called Ratan Tata a "true nationalist", who "selflessly dedicated his life to the development of our nation".
Born to Naval and Soonoo Tata on December 28, 1937, Ratan Tata succeeded J R D Tata as Chairman - of both Tata Sons and the Tata trusts - on March 25, 1991, and helmed the business conglomerate for two decades.
He stepped down as Chairman of Tata Sons after 50 years with the Tata group in December, 2012, and was appointed Chairman Emeritus of Tata Sons.
Armed with a bachelor of architecture degree from Cornell University in the US, he joined the group in 1962 as an assistant in Tata Industries; later in the year, he spent six months training at the Jamshedpur plant of Tata Engineering and Locomotive Company (now called Tata Motors).
Three years later, he was appointed technical officer in Tisco’s engineering division. In 1969, he worked for a year as the Tata group’s resident representative in Australia.
Returning to India, he joined Tata Consultancy Services, then a software fledgling company, for a short stint.
In 1974, Tata joined the board of Tata Sons as a director. In 1981, he was appointed Chairman of Tata
Industries and immediately began the process of transforming it into a promoter of high-technology businesses.
In 1983, he drafted the Tata strategic plan and served as Chairman of Air India between 1986 and 1989.
After taking over as Tata Sons Chairman, he began restructuring the group at a time when the liberalisation of the Indian economy was underway.
After the turn of the millennium, the growth and globalisation drive of the Tata group gathered pace under his stewardship and there was a string of high-profile Tata acquisitions -- Tetley, Corus, Jaguar Land Rover, Brunner Mond, General Chemical Industrial Products and Daewoo.
In 2008, Ratan Tata launched his dream small car project Tata Nano, aiming to manufacture a four-wheeler at a cost as low as Rs one lakh. He set up a factory in West Bengal's Singur, but the project hit a speed breaker owing to a violent peasant agitation against land acquisition. Later, the factory was shifted to Sanand in Gujarat.
Tata was awarded the Padma Bhushan, the nation's third highest civilian award in 2000. The Padma Vibhushan, the country’s second-highest civilian honour, was bestowed on him by the Government of India in 2008.
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